As a crypto investor, I’ve noticed that ADA, the native cryptocurrency of the Cardano blockchain network, has been on a downtrend recently. The price dropped over 30% from its previous high of $0.8107 and is currently trading around $0.4604, down 0.65% in the last 24 hours.
As a crypto investor, I’d describe Cardano‘s native cryptocurrency, ADA, as the currency powering transactions, staking, and governance within its blockchain network. However, it’s important to note that recently, ADA’s price has been trending downward. At the moment, there are no clear indications of a price reversal on the horizon.
ADA On The 4-Hour Chart
At the point of composition, ADA‘s value has decreased by more than 30% from its peak of $0.8107. The cryptocurrency is presently being exchanged near $0.4604 and has dropped approximately 0.65% in the past 24 hours.
As a crypto investor closely monitoring the charts, I notice that on a 4-day timeframe, Cardano (ADA) hasn’t been able to surpass its trendline. This has resulted in the price continuing its downward movement. If this trend persists, there’s a possibility that ADA could dip below its previous low of $0.4000 and establish a new lower price point. The 100-day moving average (MA) may act as an additional support or resistance level during this period.
The cost of ADA has been moving downward and is now beneath its 100-day Simple Moving Average (SMA) of around $0.5966, implying that the price trend may be continuing to slide.
The 4-day Relative Strength Index (RSI) indicates that the price is continuing its downward trajectory since the RSI line hasn’t risen above the 50% mark yet. Despite being in the oversold zone, there’s a chance the price could still decline further.
Movement On The 1-Day Chart
In the one-day chart for this digital asset, the price is currently moving downwards and remains beneath both its 100-day simple moving average and the trendline. Despite previous attempts to rise above these thresholds, it was unable to do so.
At present, the RSI (Relative Strength Index) indicates a declining price trend since its signal line sits beneath the 50% mark. This sign suggests that the downtrend may persist for some time.
To summarize, if ADA fails to surpass the 100-day simple moving average and the trendline, and subsequently falls below its previous low of $0.4255, there’s a strong possibility it will continue sliding down towards its support level at $0.4000. Conversely, should the price not breach these support levels, an uptrend might ensue, potentially propelling ADA to challenge its resistance level of $0.5243 once again. If this resistance is broken, a new bullish trend could emerge.
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2024-04-27 23:41